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15.09.2014 08:49

Foreign exchange market. Asian session: the Australian dollar declined against the U.S. dollar due to the weak economic data from Australia

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

00:00 Japan Bank holiday

01:30 Australia New Motor Vehicle Sales (MoM) August -1.3% -1.8%

01:30 Australia New Motor Vehicle Sales (YoY) August -0.4% -3.5%

07:15 Switzerland Producer & Import Prices, m/m August 0.0% -0.2%

07:15 Switzerland Producer & Import Prices, y/y August -0.8% -1.2%

The U.S. dollar traded mixed to higher against the most major currencies on speculation the Fed will start to hike its interest rate sooner than expected. Market participants are awaiting the Fed's interest rate decision on Wednesday.

Market participants expect the Fed will cut its asset purchase program by another $10 billion.

The New Zealand dollar slightly lower against the U.S dollar in the absence of any major economic reports from New Zealand.

The weaker-than expected Chinese economic data weighed on the kiwi and the Australian dollar. China's industrial production rose 6.9% in August, after a 9.0% in July. Analysts had expected an increase of 8.8%.

Fixed-asset investment in China increased 16.5% in August, missing expectations for a 16.9% rise, after a 17.0% gain in July.

Retail sales in China climbed 11.9% in August, missing forecasts of a 12.1% rise, after a 12.2% increase in July.

China is a major trading partner of New Zealand and Australia.

The Australian dollar declined against the U.S. dollar due to the weak economic data from Australia. New motor vehicle sales in Australia fell by 1.8% in August, after a 1.3% decline in July.

On a yearly basis, new motor vehicle sales in Australia dropped by 3.5% in August, after a 0.4% fall in July.

The Japanese yen traded mixed against the U.S. dollar in the absence of any major economic reports from Japan. Markets in Japan were closed for a public holiday.

The yen dropped to the lowest level since September 2008 against the U.S. dollar last week as the Bank of Japan (BoJ) Governor Haruhiko Kuroda said to the Japan's Prime Minister Shinzo Abe on Thursday that the central bank is ready to expand monetary easing measures to reach 2 percent inflation target.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

09:00 Eurozone Trade Balance s.a. July 13.8

12:30 U.S. NY Fed Empire State manufacturing index September 14.7 15.0

13:15 U.S. Industrial Production (MoM) August +0.4% +0.3%

13:15 U.S. Capacity Utilization September 79.2% 79.3%

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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